New York Excelsior Jobs Program (Full Multi-Credit Program)
Empire State Development (ESD)
Up to 6.85% of wages/job
Researched for this program: 5 rejection traps · 5 required documentsWhat decides this award ↓
NY refundable jobs & investment credits
The Excelsior Jobs Program is New York's flagship refundable-tax-credit incentive for firms in targeted industries — including scientific research, software development, manufacturing, life sciences, agriculture, music production, financial services, distribution, and entertainment — that create new jobs or make significant investment. Participants can earn up to five fully refundable credits over a benefit period of up to 10 years (up to 20 years for Green CHIPS semiconductor projects): a Jobs Tax Credit (up to 6.85% of wages per net new job, higher for semiconductor and green projects), an Investment Tax Credit (2% of qualified investment, higher for semiconductor/green/childcare), an R&D Tax Credit (50% of the NY-portion of the federal R&D credit, capped at 6% of NY research expenses), a Real Property Tax Credit (for distressed-area and regionally significant projects), and a Childcare Services Tax Credit (up to 6% of net new childcare expenditures). Businesses apply to ESD, which issues a certificate of eligibility and a preliminary schedule of benefits.
- Funding type
- Tax credit
- Level
- State
- Amount range
- Up to 6.85% of wages/job
- Realistic amount
- Benefit scales with job creation, wages, and investment over the multi-year period. A typical mid-size participant earns six- to seven-figure cumulative credits across the benefit period; very large semiconductor/green projects earn far more.
- Deadline
- Rolling — applications to ESD accepted on an ongoing basis, subject to the program's annual credit allocation; can also be submitted via the NY Consolidated Funding Application.
- Status
- active
- States
- New York
- Payment model
- tax-credit-offset
Who qualifies
- Must operate predominantly in a targeted industry (scientific R&D, software, manufacturing, life sciences, agriculture, music production, financial/back-office services, distribution, entertainment, etc.)
- Must meet the minimum net-new-job threshold for the industry: 5 jobs (R&D/software/agriculture/manufacturing/music/life sciences), 25 (financial services/back office), 50 (distribution), 100 (entertainment), or 150 jobs + $3M investment (other firms)
- Must create and maintain the net new jobs, or make the qualifying investment, to earn and keep the credits
- Must apply to and be admitted by ESD (certificate of eligibility + preliminary schedule of benefits)
- Credits are claimed annually upon meeting and documenting commitments
Hard requirements
- Minimum 5 employees
How to apply
-
1
Confirm industry eligibility and job/investment thresholds
Verify your firm is in a targeted industry and can meet the applicable net-new-job threshold (5 to 150 depending on sector) or the investment test. Model the five credits against your hiring and capital plans.
~12 hrs
-
2
Apply to ESD (or via the Consolidated Funding Application)
Submit the Excelsior application to the appropriate ESD Industry Director / Regional Office, or through the CFA, detailing projected jobs, wages, investment, R&D, and any childcare expenditures.
~25 hrs
-
3
Receive certificate of eligibility and schedule of benefits
ESD issues a certificate of eligibility and a preliminary schedule of benefits specifying the credits available over the benefit period (up to 10 years; up to 20 for Green CHIPS).
~6 hrs
-
4
Meet commitments and claim credits annually
Create/maintain the jobs and investment, then submit annual performance documentation to receive a certificate of tax credit for each tax year and claim the refundable credits.
~20 hrs
Because every Excelsior credit is fully refundable, the benefit has real cash value even if you owe little NY tax — a genuine differentiator versus nonrefundable state credits. Apply before you hire: credits are earned on net-new jobs and investment going forward, so getting your certificate of eligibility and schedule of benefits locked in before the headcount ramp is what protects the full multi-year value. Smaller R&D/software/manufacturing firms only need 5 net new jobs to qualify — a far lower bar than most assume.
Deadline & timing
No single fixed deadline; ESD evaluates applications and issues certificates of eligibility with a preliminary schedule of benefits. The program operates within annual statutory credit caps, so available allocation varies by year and industry track.
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